California firm acquires Pacific Rim Bank
Irvine, Calif.-based First Foundation Inc. said Tuesday it has agreed to buy Honolulu-based Pacific Rim Bank for nearly $12 million.
"Pacific Rim Bank will merge with and into First Foundation Bank, a wholly owned subsidiary of First Foundation Inc.," the companies said in a statement.
"Based on FFI’s closing stock price of $18.18 on Tuesday, the merger consideration is valued at approximately $7.18 per share of Pacific Rim Bank common stock or $11.8 million in aggregate," the companies said.
Pacific Rim Bank shareholders will become shareholders of FFI, and each outstanding share of Pacific Rim Bank common stock will be converted into 0.3950 of a share of FFI common stock, the companies said.
"The merger will also enhance the legacy of our vision which allows us to accomplish our business objectives for Hawaii, and to preserve our community development projects, church and other humanitarian involvement that our bank was originally founded on," said Austin Imamura, CEO of Pacific Rim Bank.
KIUC board chairman heading to Syngenta
Allan A. Smith, chairman of the board of directors of Kaua‘i Island Utility Cooperative, resigned to accept a position as infrastructure manager of Syngenta Hawaii’s operation in Kekaha.
Smith had served on the KIUC board since 2007 and became chairman in 2013.
Vice Chairman Jan TenBruggencate, a former reporter for The Honolulu Advertiser, will serve as acting chairman of the board.
"I’m proud of what KIUC has accomplished and proud of the ambitious goals we have set for the future," Smith said.
"While it was a hard decision to step down, I’m confident that the cooperative will continue its leadership in pursuing cleaner, cheaper renewable energy."
Territorial announces special dividend
Territorial Bancorp Inc. has declared its third special cash dividend in the last three years.
The parent of Territorial Savings Bank announced Tuesday it would make a payment of 10 cents a share Dec. 23 to shareholders of record as of Dec. 9.
The special dividends — all have been 10 cents a share — are in addition to the regular quarterly payouts that the state’s fifth-largest bank has been making since shortly after it went public in July 2009.
Last month, Territorial said it was increasing its regular quarterly dividend for the seventh time in less than three years.
That payout of 16 cents a share will be payable Wednesday to shareholders of record on Nov. 13.
Growth in U.S. home prices slows down
WASHINGTON » U.S. home prices rose in September at the slowest pace in more than two years, reflecting modest sales gains and a rising number of available homes.
The Standard & Poor’s/Case-Shiller 20-city home price index, released Tuesday, increased 4.9 percent in September from 12 months earlier.
But that’s down from 5.6 percent in August and the smallest gain since October 2012.
On a monthly basis the 20-city index was unchanged, the first flat reading in seven months. The monthly changes aren’t adjusted for seasonal factors such as colder weather, which can affect sales. Prices dropped in nine of 20 cities from August.
Home price gains have slowed this year after rapid, double-digit increases in the previous two years. Investors helped drive the strong gains by bidding up prices but have started to cut back on their purchases. Smaller price gains and low mortgage rates could make housing more affordable.
ON THE MOVE
The Plaza Club has announced Randy Ha as its new general manager. He has more than 35 years of experience in tourism and travel with Starwood Hotels and Resorts, including serving as general manager of the Sheraton Puerto Rico Hotel & Casino.
Hawaiian Host has hired Kristy Romero as a customer service clerk. She has five years of customer service experience and previously worked in the servicing and parts department of Honolulu Cadillac.
The Pacific Coast Banking School has announced two recent graduates from American Savings Bank:
» Michelle Kim Stone received the Library Award for her management paper "All in the Family: Multi-Generational Households, an Untapped Market for Hawaii Banks." Stone is senior vice president and general counsel at ASB.
» Randy Lu was named to the honor roll, which is an exclusive group made up of the top 10 percent of the graduating class. Lu is the first vice president at ASB.
